Survey: Wisconsinites struggle to save

Freeman Staff

Sept. 20, 2017

MILWAUKEE — A survey shows that 42 percent of Wisconsin residents have only $1,000 or less in savings.

The study results were released Wednesday by SafetyNet, an income insurance program that provides workers a lump-sum emergency fund after a layoff, injury or illness.

“Our survey points to a clear problem: there’s a significant gap in financial preparedness — particularly a lack of savings — among Wisconsin workers,” said Dan Murray, vice president of product development at SafetyNet, in a statement. “When faced with a financial emergency, such as a layoff, illness, or injury, a large portion of the population in Wisconsin has no financial backstop to support themselves and their families until they’re back on their feet.”

SafetyNet’s online survey of 490 Wisconsin workers showed one in four Wisconsin workers have experienced a loss of income over the last five years. Also, the top three sources people would go to if they lose their income, would be cutting their spending, current savings and a loan from a family member/peer or their retirement accounts. The top three expenses people worry about covering each month, according to the survey, include housing payments, health insurance and groceries.